India’s Government Considers Taxing Bitcoin Transactions as Trading Volume Around the Cryptocurrency Soars

India’s Government Considers Taxing Bitcoin Transactions as Trading Volume Around the Cryptocurrency Soars

Just ten months after the Supreme Court in India removed the ban placed by the Reserve Bank of India on cryptocurrency trading, fresh reports show that the country’s taxation authority has picked interest in cryptocurrency traders, as Bitcoin (BTC) continues on its bullish rally.

Local media report that the Indian Tax Department already has data of investors who partook in Bitcoin transactions through banking channels before the RBI ban in 2018.

Recent data shows that cryptocurrency trading activities in India have surged significantly since the ban got lifted.

The two largest cryptocurrency exchanges in India, Binance-acquired WazirX and CoinDCX have recorded increased activities over the past six months. Reports show the WazirX saw a whopping 125% increase in new user signups over the past two quarters. The exchange also announced a daily trading volume of $19-$25 million.

Some experts noted that it would be nearly impossible for the country to tax cryptocurrency transactions because of the absence of regulation in place for cryptocurrency dealings.

While India is yet to release its crypto regulation scheme, recent disclosure suggests that the country may opt to regulate cryptocurrency like commodities.

However, some tax experts have advised their clients to declare their Bitcoin earnings as capital gains, making it similar to profits generated from trading shares.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — December 4

Bitcoin was struck with a fresh surge of the volatility after it reached the $19,600 daily high earlier today. The cryptocurrency immediately came under heavy selling pressure but was swiftly supported by the $18,800 pivot zone.

The benchmark cryptocurrency is now trading within a wide range between $19,550 and $18600.

Meanwhile, our key resistance levels are at $19,500, $19,880, and $20,000. While our key support levels are at $19,000, $18,800, and $18,400.

Total market capital: $559 billion

Bitcoin market capital: $350 billion

Bitcoin dominance: 62.6%

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New Kraken Survey Shows that Investors have Very Bullish Expectations for Bitcoin in 2021

New Kraken Survey Shows that Investors have Very Bullish Expectations for Bitcoin in 2021

Bitcoin (BTC) has recovered from a fresh selloff earlier this week, in which the cryptocurrency fell $1,600 in a few hours and fell to a low of $18,100.

Despite worries that the benchmark cryptocurrency is yet to close the substantial CME gap between $18,275 and $16,995, bulls have secured Bitcoin firmly above the $19,000 level.

The global cryptocurrency market has grown by about $8 billion in the past 24 hours. However, the trading volume appears to be very slim and has fallen below $80 billion, indicating that most traders are choosing to hold their positions instead of trading the dip. This discovery paints a very bullish picture for the cryptocurrency and has infused confidence in investors.

Meanwhile, the latest Crypto Sentiment Survey by Kraken on its VIP clients have revealed that most investors believe BTC will skyrocket to about $36,000 in 2021. The survey covers investor sentiment for the second half of 2020.

On average, participants of the survey predicted an average Bitcoin target of $36,602 by 2021. While some put their median BTC price target at $25,000, 61% of the survey subjects believe that Bitcoin will hit $20,000 by 2021.

Others expressed their lofty expectations for BTC, with 20% placing their BTC price target at $50,000 by next year, while 8% have a price target of $100,000 by 2021.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — December 3

BTC/USD has begun a bullish ascent as the prospects of a CME gap close fades. The cryptocurrency has recorded a daily high of around $19,600 as investors brace for $20,000. At this point, any fresh bearish wave will be immediately tempered by the $19,000 – $18,800 support zone.

The cryptocurrency has consistently recorded higher lows, indicating that it is on a more steady approach to the $20k resistance.

Meanwhile, our key resistance levels are at $19,500, $19,880, and $20,000. While our key support levels are at $19,000, $18,800, and $18,400.

Total market capital: $578 billion

Bitcoin market capital: $360 billion

Bitcoin dominance: 62%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Wall Street Investors Troop into Bitcoin as Treasury Notes Yield Plunges

Wall Street Investors Troop into Bitcoin as Treasury Notes Yield Plunges

The long-term bullish prospects of Bitcoin (BTC) have just gotten a boost, following investors’ latest stance on the long-dated Treasury notes.

According to a recent Wall Street Journal report, investors expect the Federal Reserve to begin a long-term US bond-buying campaign, after its next policy meeting in December. This is as a result of the ever-growing COVID-19 numbers in the US, coupled with the US Congress’s second stimulus package political stalemate.

The US economy is in a tough spot following US Treasury Secretary Steven Mnuchin’s decision to terminate some of the Fed’s emergency lending amenities, which aided small and medium-sized enterprises, and state and local governments.

This has left the central bank with little or no options to buy long-term US Treasury notes, which reduces the cost of borrowing for businesses and individuals. Meanwhile, the Fed doesn’t intend to stock up on short-term Treasury notes purchases because the yields on them are already close to zero.

That said, growth in the long-term Treasury notes diminished the yield returns, which means that investors will receive less money than they invested when their bond expires.

This reality has prompted investors to seek inflation-resistant assets like Bitcoin. With this, it can be understood why a yield below 1% on the US 10-year Treasury has coincided with the 400% price surge in Bitcoin.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — December 2

Bitcoin has recovered yet again from another unexpected dip, following a bipartisan stimulus bill agreement in the US Congress. BTC has regained its footing above $19,000, as it prepares to break $20,000.

In the meantime, the cryptocurrency is in a consolidation between $18,800 and $19,205.

Our key resistance levels are at $19,500, $19,880, and $20,000. While our key support levels are at $18,800, $18,400, and $18,000.

Total market capital: $568 billion

Bitcoin market capital: $354 billion

Bitcoin dominance: 62%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Bitcoin Records Massive Liquidations Across Exchanges, Following a Fresh Attempt at $20,000

Bitcoin Records Massive Liquidations Across Exchanges, Following a Fresh Attempt at $20,000

Bitcoin (BTC) has recorded yet another massive whipsaw, as the price got closer than ever to the highly-coveted $20,000 all-time high across exchanges. However, this rally soon turned into a “bloodbath” for bulls as the price dropped sharply, causing hundreds of millions of dollars to seep out of the cryptocurrency’s market capitalization within a few hours.

Data shows that this whipsaw triggered massive BTC liquidations across most exchanges. At press time, the amount lost is about $290 million in the past few hours and more than $785 million in the past 24 hours.

In the past few hours, the most significant liquidation occurred on BitMEX, where about $4.4 million got withdrawn.

Most notably is the fact that most of the outflows of funds came from the world’s largest cryptocurrency exchange Binance. Bitcoin liquidation on Binance is said to have accounted for about 50% of the entire liquidation, followed by Huobi with 25%. BitMEX and OKEx account for about 18% of all liquidations.

That said, it would be interesting to see how the market maneuvers through this development in the coming hours and days, considering the current level of volatility in the market and the tussle between bulls and bears.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — December 1

Following a significantly bullish performance which saw Bitcoin record a new year-to-date high at $19940 (just $60 away from its ATH), the cryptocurrency was met with a damning selloff, which caused the benchmark cryptocurrency to shave off about $1,600 in a few hours.

That said, BTC has recovered decently from the recent selloff, and a retest of the $20,000 ATH should be anticipated soon.

Nonetheless, in the case of a renewed selloff, the $18,400 support will likely prevent any sustained push to the downside.

Meanwhile, our key resistance levels are at $19,500, $19,880, and $20,000. While our key support levels are at $18,800, $18,400, and $18,000.

Total market capital: $565 billion

Bitcoin market capital: $352 billion

Bitcoin dominance: 62%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Analysts at JPMorgan Project Fresh Decline in Bitcoin

Analysts at JPMorgan Project Fresh Decline in Bitcoin

Despite the recent bullish recovery from the Thanksgiving “massacre” by Bitcoin (BTC), analysts from JPMorgan Chase & Co expect a steep decline for the cryptocurrency soon.

The strategist highlighted some factors that could play crucial roles soon for the benchmark cryptocurrency.

A recent JPM analysis, led by Nikolaos Panigirtzoglou, noted that the Thanksgiving crash has cleared the “previous froth in momentum traders’ positioning.” However, the analysis purports that Bitcoin could still see fresh declines.

Apart from the momentum traders factor, the strategists went ahead to broach several other reasons influencing price dynamics. One of such factors is the rumor circulating in the industry about some unfavorable regulations proposed by the Trump administration.

Another crucial factor highlighted by JPM analysts is the significant role Grayscale and its Grayscale Bitcoin Trust could have on the market. The crypto fund management firm is regarded as the most reliable firm for institutional investors looking for a foray into Bitcoin and other digital assets.

This reliability in the crypto firm has been demonstrated through 2020 as Grayscale reported record-breaking numbers, quarter after quarter. The firm’s assets under management have peaked at over $10 billion in just 12 months, with Grayscale Bitcoin Trust having the most substantial share.

That said, the analysts have asserted that if the GBTC becomes unattractive to investors, it could have a devastating impact on Bitcoin, which is believed to have become a favorite among institutional investors.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — November 30

Bitcoin recorded a massive boom past its previous YTD high over the past few hours, indicating that the cryptocurrency has regained its bullish momentum. That said, we should expect the benchmark cryptocurrency to top its $20k all-time high anytime soon.

Meanwhile, our key resistance levels are at $19,500, $19,880, and $20,000. While our key support levels are at $18,800, $18,400, and $18,000.

Total market capital: $571 billion

Bitcoin market capital: $357 billion

Bitcoin dominance: 62.5%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Bitcoin to Rally as Weekly Candle Nears End

Bitcoin to Rally as Weekly Candle Nears End

Bitcoin (BTC) has recorded a decent bullish uptick over the past 48 hours, as bulls aim at getting the bull rally back on track following the recent market-wide selloff.

Meanwhile, the next directional trend will be a key determinant considering that the close of the weekly candle is approaching swiftly. The point of closure for the weekly candle will likely set the tone for the coming week and provide insight into Bitcoin’s macro-outlook. That said, bulls have the task of maintaining the current uptrend until the close of the candle.

Moreover, there are still a few crucial levels to break before Bitcoin can see any further ascent. At the moment, BTC is trading close to the $18,500 ceiling. Its reaction to this level will provide insight into the cryptocurrency’s mid-term outlook.

In other news, Guggenheim Partners, one of the largest investment and advisory financial services firms, has taken a keen interest in BTC and plans on investing a huge amount in the cryptocurrency. According to a filing, the company plans on investing 10% of its net assets in BTC through Grayscale.

With Guggenheim purported to have about $5 billion in assets under management, a 10% net asset purchase translates to a whopping $500 million for the project.

If/when this purchase falls through, we could expect a sharp bullish rally in the Bitcoin in the ensuing days.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch — November 29

Bitcoin has resumed on its bullish push, as trails its way up a minor trendline, leading to the original trendline. Our bias remains tilted to the bullish side, as more buyers come onboard considering the current supply of BTC circulating the market.

Meanwhile, our key resistance levels are at $18,500, $18,800, and $19,000. While our key support levels are at $17,635, $17,200, and $17,000.

Total market capital: $546 billion

Bitcoin market capital: $339 billion

Bitcoin dominance: 62%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Analytics Firm Proposes that a Planned Bitcoin Sale by Whales Likely Triggered Crash

Analytics Firm Proposes that a Planned Bitcoin Sale by Whales Likely Triggered Crash

Bitcoin (BTC) just underwent a 2018-like selloff after BTC whales sprang up at exchanges to profit on Thanksgiving eve. Data from blockchain analytics firm IntoTheBlock illustrated that whales dumped more than 93,360 BTC (worth around $1.6 billion) across several centralized exchanges after the benchmark cryptocurrency peaked around $19,500 two days ago. According to the analytics firm, the exit on Thanksgiving eve was a strategically planned move by whales.

This crash invariably consumed the rest of the cryptocurrency market as the industry lost about $69 billion in market valuation at press time.

The BTC slide was further precipitated by substantial fund outflow from OKEx, as many users of the exchange cleared their accounts following dissatisfaction with the exchange’s withdrawal pause. Records show that the recent selloff was the largest since the ‘Black Thursday’ crash earlier this year.

Meanwhile, an Amsterdam-based cryptocurrency trader and analyst, Michaël van de Poppe, maintains a positive outlook on Bitcoin despite the recent crash. He noted that this was likely just a healthy correction and that it was a decent opportunity for anyone looking to invest in BTC.

BTCUSD – 4-Hour Chart

Key BTC Levels to Monitor — November 27

Bitcoin is currently showing difficulty maintaining its footing above $17,000 after several failed attempts earlier today. However, the cryptocurrency has climbed above $17,000 once again at press time. It would be interesting to watch how it plays out from here.

On the other hand, the benchmark cryptocurrency has shown a decisive rejection of the lower-$16,000 region several times today as well, putting it in a mild consolidation mode. That said, we expect a healthy bounce to the crypto’s previous highs.

Meanwhile, our key resistance levels are at $17,200, $17,635, and $18,000. While our key support levels are at $16,500, $16,200, and $16,000.

Total market capital: $506 billion

Bitcoin market capital: $316 billion

Bitcoin dominance: 62.4%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Here are Five Possible Factors that Could Have Triggered the Recent BTC Crash

Here are Five Possible Factors that Could Have Triggered the Recent BTC Crash

Bitcoin (BTC) has suffered an unexpected drop by close to $3,000 over the past few hours. We have compiled a few factors we think precipitated this crash.

1- OKEx resumed facilitating withdrawals today, after an extended period of locking up investors’ funds on the exchange. This halt happened after the founder of the company was arrested in October. Investors on OKEx quickly jumped on the chance to cash out on their profits as soon as they saw the opportunity, given how much the unduly-withheld funds have accrued over the weeks.

2- Earlier today, it got reported that the CEO of the US-based Coinbase, Brian Armstrong, expressed his fears over the rumored regulations proposed by the country’s Treasury Secretary. The proposed law is said to be very harmful to the crypto industry, considering it infringes on one thing cryptocurrencies are fabled for; privacy.

3- Our third proposition is that Bitcoin has gone significantly long without any price corrections. A price correction had been anticipated for a while, and this one coincided well with the current fundamental backdrop.

4- The $20,000 all-time high is a firm technical and psychological resistance. Just like how drawn out the fight to secure the $10,000 psychological line was, speculators expect the $20k mark to put up a good fight.

5- Our final reason for the recent BTC crash is that it got ignited by heavy FOMO buying. Naturally, when the fear and greed scale of Bitcoin gets too high, a refresh (which triggers a crash) is expected.

BTCUSD -4-Hour Chart

Key BTC Levels to Monitor — November 26

The recent BTC crash was firmly caught by the $16,200 support, signifying a possible end to the decline. That said, the benchmark cryptocurrency is likely to facilitate a steady ascent back into our ascending channel and the overall uptrend in the coming days and weeks.

Meanwhile, our key resistance levels are at $17,000, $17,635, and $18,000. While our key support levels are at $16,200, $16,000, and $15,500.

Total market capital: $409 billion

Bitcoin market capital: $307 billion

Bitcoin dominance: 62.6%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Altcoin to Exceed Bitcoin in Gains in the Next Cryptocurrency Bubble

Altcoin to Exceed Bitcoin in Gains in the Next Cryptocurrency Bubble

Bitcoin (BTC) is now just a few hundred dollars away from reaching a new all-time high, as it continues to maintain its bullish undertone. That said, the closer the benchmark cryptocurrency gets to its $20,000 peak, the more bullish altcoins will react.

This week, BTC broke the $19,000 mark for the first time this year and now has little to no resistance before the $20,000 target. Meanwhile, altcoins have entered a strong parabolic bull run the same way Bitcoin did several weeks ago.

Over the past few weeks, Ripple (XRP) has climbed more than 200%, tripling its original value. Ethereum (ETH), Litecoin (LTC), Cardano (ADA), and several other top altcoins from the last “cryptocurrency bubble” three years ago have started forming a bubble once again.

Many investors who missed out on the recent Bitcoin rally or sold too early cannot get back in because Bitcoin has now gotten too pricey. That said, they are now trooping into altcoins, which are cheaper alternatives and have outperformed the primary crypto in the past.

Bitcoin has recorded over 150% in year-to-date growth despite how rocky this year has been for economies and corporations. However, in the past two weeks alone Ripple has recorded more than BTC’s YTD growth. Ethereum has grown by 350% YTD, and the lower you go down the market cap ladder, the larger the gains.

BTCUSD – 4-Hour Chart

Key BTC Levels to Monitor — November 25

Bitcoin appears to have entered a modest consolidation between $19,500 (its YTD high) and $18,900. We expect to see a mild dip to the $18,700, where BTC should find a decent bounce.

The next time Bitcoin likely breaks the $19,500 level will be the last time below $20,000 in the hours that follow.

Meanwhile, our key resistance levels are at $19,500, $19,800, and $20,000. While our key support levels are at $18,900, $18,700, and $18,500.

Total market capital: $566 billion

Bitcoin market capital: $350 billion

Bitcoin dominance: 61.8%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Bitcoin Records Heavy Daily Trading Volume Across Exchanges as It Nears $20,000

Bitcoin Records Heavy Daily Trading Volume Across Exchanges as It Nears $20,000

Bitcoin (BTC) remains in the business of recording new year-to-date highs, as the cryptocurrency finally crosses the $19,000 benchmark after a slightly-extended waiting period, taking it closer to its $20,000 target. The fresh surge in volatility has triggered immense trading traffic across all BTC markets—especially the Bitcoin futures market.

Data from the cryptocurrency market and on-chain analysis firm Glassnode shows that the open interest on Binance futures has just reached a new all-time high at $1.2 billion. This surge comes as the benchmark cryptocurrency turned the $19,000 level into support as the cryptocurrency aims for its ATH of $20,000.

More interestingly, the 24-hour Bitcoin futures volumes on the exchange are currently trading miles away than all other platforms in the sector. Binance is running with close to $11 billion worth of Bitcoin futures trades, while Huobi is somewhere behind with $8.3 billion worth of BTC futures volume in the past 24 hours.

Apart from the futures market, the spot cryptocurrency trading volume on Binance was equally off the charts.

Meanwhile, the creator of the Bitcoin stock-to-flow model, PlanB, took to his Twitter today to say that the benchmark cryptocurrency was entering the beginning of a new bull market.

BTCUSD – Hourly Chart

Key BTC Levels to Monitor — November 24

Bitcoin remains in a strong upwards trajectory, despite its recent rejection from the $19,445 level. Just like yesterday, we expect the cryptocurrency to approach the $18,500 level—where our ascending trendline currently lies—and find fresh bullish momentum to finally put it in front of the key $20,000 resistance.

Meanwhile, our key resistance levels are at $19,330, $19,500, and $20,000. While our key support levels are at $18,500, $18,000, and $17,635.

Total market capital: $575 billion

Bitcoin market capital: $352.5 billion

Bitcoin dominance: 61%

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  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.